Tuesday, March 17, 2009

Cuba’s Gulf of Mexico Oil Reserves Are Increasing, AFP Reports

By Jose Orozco

March 17 (Bloomberg) -- Cuba’s oil reserves in its portion of the Gulf of Mexico “continue increasing,” Agence France- Presse reported, citing Yadira Garcia, the island nation’s minister for basic industries.

The Caribbean country’s future oil reserves are most likely to be found in its area of the gulf, which measures 112,000 square kilometers (43,000 square miles) and is divided into 59 oil blocks, AFP reported, citing Garcia, who spoke at a geological sciences conference in Cuba.

Cuba may have 21 billion barrels of probable oil reserves, including onshore and offshore discoveries, AFP said, citing conference participants.

To contact the reporter on this story: Jose Orozco in Caracas at jorozco8@bloomberg.net

Last Updated: March 17, 2009 01:55 EDT

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